Bank of China spokesman Wang Zhaowen said that the French Rothschild Bank of China to buy 20% stake in the bank's transactions, not because of the completion of formalities related to investment, leading to more than the agreed cancellation period.
Bank of China and the Rothschild Bank signed an agreement in September last year. Under the agreement, Bank of China will spend about 236.3 million euros to acquire 20% stake in Rothschild bank and become its second largest shareholder. December 31 when the parties to the transaction are agreed upon regulatory approval of the first closing date extended to March 31 this year.
Wang Zhaowen in an interview with reporters, said that despite efforts by both parties, but because in the second extension is not completed during the investment process, over the period of the agreement automatically canceled.
Wang Zhaowen said that even though failure to achieve investment bank Rothschild, but it will not affect the Rothschild Bank of China and the cooperation between banks. "We are actively looking for future business cooperation between the two sides."
Source: www.cs.com.cn Apr. 3, 2009
